Hedge Funder gives $500K to pro-Cuccinelli PAC

A New York hedge fund manager has donated $500,000 to a newly created Virginia-based PAC aimed at boosting Republican Ken Cuccinelli's bid for Governor.

The committee -- Virginia Principles Fund -- reported on Monday that it received the large donation from Robert L. Mercer of East Setauket, NY.

Also Monday, the PAC reported it made an independent expenditure -- $8,500 for polling -- that was described as 70% in support of Cuccinelli and 30% aimed at defeating his Democratic opponent, Terry McAuliffe.

The Virginia Principles Fund was registered on 7/21, according to the Virginia State Board of Elections. Officials with the PAC told VPAP that its sole purpose is to elect Cuccinelli.